Revised Japanese Growth – Highlights

June 11, 2009

Real GDP growth last quarter was revised to a seasonally adjusted annualized decline of 14.2% from negative 15.2% saar reported in May.

Smaller drags from business investment (5.1 percentage points instead of 5.9 ppts) and inventories (0.6 ppts, down from 1.0 ppts reported earlier) accounted for most of the revision.

Revisions also showed a diminished GDP contraction in 4Q08 of13.5% saar in 4Qversus a prior estimate of minus 14.5% saar.

The GDP price deflator’s 12-month rise was trimmed to 0.9% from 1.1%.

At annualized rates, exports, business investment, residential investment, and personal consumption fell last quarter by 70.0%, 31.0%, 20.3%, and 4.2%.  These components of demand posted drops from 1Q08 of 26.0%, 8.9%, 5.5%, and 1.1%.

Copyright 2009 Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.



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